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Mortgage Refinance

Change your home loan to fit your changing circumstances

Have rates changed since you got your current mortgage? Or are you in a different stage of life or financial situation? Refinancing your current mortgage with us could mean a lower rate, lower monthly payments, cash back in your pocket to fund a large purchase, or even a faster payoff!
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Product Features

Terms & Fees
Application Fees None
Terms Up to 30 Years Fixed, Jumbo, FHA, VA, 5/1 ARM, and 7/1 ARM
Intangible Tax None
Origination Fee $1,100
Pre-payment Penalties None

Fixed Rate Conventional Mortgage Interest Rates

Effective Date: May 24, 2023
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Term Rate "As Low As" APR* "As Low As" Example Loan Amount Example Monthly Payment
10 Years - Purchase or Refi 6.125% 6.348% $200,000 $2,232.99
15 Years - Purchase 6.250% 6.408% $200,000 $1,714.85
15 Years - Refinance 6.375% 6.534% $200,000 $1,728.50
20 Years - Purchase or Refi 6.750% 6.879% $200,000 $1,520.73
30 Years - Purchase 6.750% 6.848% $200,000 $1,297.20
30 Years - Refinance 6.875% 6.974% $200,000 $1,313.86

HOME LOANS: Rates based on creditworthiness. Mortgage loans are originated by Space Coast Credit Union and are subject to credit approval, verification, and collateral evaluation. Programs, offers, rates, terms, and conditions are subject to change or cancellation without notice. Certain restrictions apply. Taxes and insurance not included; your actual payment obligation will be higher.
These mortgage loan programs constitute first mortgage liens secured by the home and property. Your down payment is determined by the Loan-to-Value ratio. (90% LTV = 10% down payment). Loans exceeding 80% of the appraised value of the home require private mortgage insurance. Member responsible for any funds needed for closing costs (unless member attached a No Closing Costs option to loan) and pre-paid escrow. 

Frequently Asked Questions

Applying for home loan refinancing is easy with SCCU! You can apply online or by phone.
If you're not already a member of SCCU, you will become a member when you secure an SCCU loan. As a member, you'll enjoy a wide range of benefits, including free Online Banking and Mobile Banking60, plus free account alerts and more.

Mortgage interest rates change almost constantly since they are based on indices that are also changing. It's best to check directly with the lenders you are considering for the most up-to-date rates.

If you obtained your current fixed-rate mortgage when interest rates were high, you may be able to save a significant amount in both your monthly payments and over the life of the loan. After taking into consideration how much you might pay in closing costs on a new loan and how long it will take to recoup them, many borrowers refinance when they can lower their interest rate by at least 0.75 to 1%. You may be surprised to learn just how much even a relatively small decrease in your interest rate can save you thousands of dollars over the life of the loan.

Keep in mind that the interest rate you may be able to get is also influenced by factors such as your credit, how much you put down, how many points you buy and more. Check with your lenders on how these factors may affect your mortgage refinance rate.

The loan officers at Space Coast Credit Union will be glad to discuss your mortgage refinancing needs. We'll help you find the loan and interest rate that's right for your refinancing needs, whether it's a conventional fixed-rate mortgage, adjustable rate mortgage, jumbo loan, FHA loan or VA loan.

Space Coast Credit Union offers great mortgage refinance rates that can help you save money. Check our rates online now

Mortgage refinancing can be one of the best ways to save money by lowering your mortgage interest rate, which can accelerate the growth of your home's equity as well as lowering the cost of the mortgage over time. Refinancing has other benefits for borrowers as well, but it's important to think through your reasons to refinance your mortgage before seeking home loan refinancing.

You may, for example, be wanting to change to a loan with longer terms. Keep in mind, however—even with a new, lower interest rate, if you have just a few years left before the end of your current loan's term but refinance for a long period of time, you may pay more in interest over time.

Perhaps your goal is to consolidate consumer debt. Mortgage refinancing can be an excellent way to pay significantly less interest on debt, but this strategy is best for borrowers who have good financial habits and responsibly manage debt.

Refinancing a mortgage involves getting an entirely new mortgage on your home that replaces the existing loan. You may be able to obtain a new mortgage from the financial institution that holds your current loan, but you're free to choose another lender if you prefer.

When you refinance your home, you may have a new payment amount, new interest rate, new loan term or all three. Depending upon the type of new mortgage obtained, borrowers may or may not take money out of their home—some borrowers simply want to lower their monthly payment and interest rate, while others choose cash-out refinance loans.

SCCU is here to make sure our members have a range of options to choose from for borrowing. Our loan officers will be glad to explain each type of mortgage refinancing we offer:

  • Conventional fixed-rate mortgages that keep your interest rate the same over the life of the loan
  • Adjustable rate mortgages that offer lower initial monthly payments
  • Jumbo loans for refinancing an amount above the conventional $725,000 loan limit
  • FHA loans with lower interest rates
  • VA home loans for eligible service members

The best time for mortgage refinancing is when it will help you achieve the goals that are most important to you. That may be:

  • Taking advantage of a lower interest rate due to market conditions, an improved credit score, or both
  • Having a more affordable monthly payment
  • Changing your mortgage term to fewer years
  • Accessing some of the equity that you have built up in your home
  • Changing from an adjustable rate mortgage to a fixed-rate mortgage to have predictable monthly payments over time
  • Consolidating debt that is financed at a rate that is higher than mortgage refinance rates

The best type of home loan refinancing for you depends on your financial goals and several other factors. The interest rate a lender offers is certainly an important consideration, since a lower interest rate can save you thousands of dollars, but you will also need to weigh the differences between the various types of refinancing options, such as fixed-rate, adjustable-rate and FHA loans, or VA loans if you are eligible. Each has its advantages and disadvantages, so it's important to consult with your lender on options that meet your needs.

At SCCU, we offer refinancing options that can help you achieve your goals, whether that's paying off your mortgage more quickly or having more affordable monthly payments.